In New York, the May COMEX contract plunged 8.75 cents or 2.3 percent to settle at $3.7925 per lb on Wednesday, after dealing between $3.7825 and $3.87. Selling pressure picked up in the early hours of the New York open after data showed new orders for US manufactured goods rose less than expected in February, supporting the view that economic growth in the first quarter could be lacklustre.
Market bears also pounced on a report from Goldman Sachs, which said it was shifting its recommendation on commodities to "neutral" from "overweight" on a near-term horizon, as most commodity markets including copper, crude oil and soyabeans have reached the brokerage's near-term targets. Copper prices have gained more than 11 percent this year, on track for their second-straight quarterly rise, but have been mired in a $8,100-$8,800 a tonne ($3.70-$4/lb) range since late January.
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